May I suggest you spend a little time more clearly defining what you want your level of involvement to be?  

You have two issues here, one is zoning which defines the use of the building and the other is the requirement for residential occupancy, so the primary use is residential and the fact that a business operation may take place is secondary, a business doesn't have to be operated, it may be operated.

What defines a real estate market?

Our most recent lease up (a unit in a 1976 duplex) was attractive to the tenant because she said "I like it because it's not modern and it has unique character!"

Also you need to define "very little money".

What he posted is so great that it deserves its own thread and since newbies like mee need clearly defined steps and even explanation of why those steps are needed, I asked if I could start a new thread with his fabulous answer.

thanks for the mentionLee Sal Lee the reason many will advise you to tread very carefully or Not do it at all is that in the US we have asset class's that are defined by purchase price Generally.

They're my go to for defining most terms I come across to help me get a better understanding. 

Really though, you need to define your goals. 

Since you have no mortgage definately transfer this into an LLC.I have a trust that owns a master LLC that owns individual LLC that own seperate properties.